Thor shares Commercial Observer has learned that a property in San Jose has been added to its growing portfolio of life science and technology assets.
Thor has bought a newly renovated office building that is fully let to semiconductor developers NXP Semiconductors, at the 350 Holger Wayaccording to information from Thor.
New York-based Thor paid $ 50.5 million for the three-story building, according to a source familiar with the business he bought KBS Real Estate Investment Trust.
The 96,502 square meter building serves as a research and development facility as well as an office for NXP. It is part of a broader research park that is home to a variety of microchip and cellular technology companies, and is near the headquarters of companies like Cisco, Nvidia and Intel. Last year, Google bought at least four buildings on the nearby Cisco corporate campus, including 175, 225, 255 and 285 West Tasman Drive, according to The Mercury News.
“The R&D and life science industry is driving some of the most profound changes in our industry lives and solves the world’s biggest problems, ”said Thor Chairman Joseph Sitt. “These By acquiring a fully rented research and development building, we can gain a foothold in one of the most sought-after, innovation-oriented markets in the country. “
The acquisition is part of a series of transactions Thor completed over the past several months as it expands its focus on life science and research resources in prime markets. In October Thor bought a life science facility occupied by biopharmaceutical companies Celgene in Warren, New Jersey; and earlier this month Thor closed on a life science campus in the North Carolina Research Triangle.
Thor also bought a logistics portfolio south of Madrid, Spain, last quarter. The deal includes a 101,700 square meter facility that will be inhabited by 95 people SEAT, A division of Volkswagen Groupand contains a Porsche Distribution center and a development option for nearly 25,000 additional square feet, Thor confirmed.
Both the buyer and seller were represented by the team at CBRE Northern California Capital Markets Institutional Properties, which also belongs to Russell Ingrum, Jack DePuy, Joseph Moriarty, and Scott Prosse. Megan Woodring and Brad Zampa of CBRE Capital Markets arranged the acquisition loan.